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For Immediate Release
January 31, 2003

For more information contact:
Cynthia Cain (312) 781-1490, or
Larry Dyekman (312) 781-1372,

NFA suspends membership of New York FOREX firm and its owner

January 31, Chicago - National Futures Association (NFA) announced today that it has suspended Nexus Trading LLC, a futures commission merchant located in New York City, and its owner Wesley A. Bennett Jr. Nexus' principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).

NFA took the enforcement action, which is effective immediately, because Nexus and Bennett have failed to cooperate with NFA in the course of an NFA audit and have submitted inaccurate and misleading information to NFA concerning Nexus' customers and its bank and brokerage accounts. NFA also alleges that Nexus filed false financial reports with NFA which failed to reflect the liabilities related to customer accounts.

The suspension will remain in effect until NFA is satisfied that Nexus and Bennett are in complete compliance with all NFA requirements. Nexus and Bennett may petition the Commodity Futures Trading Commission for a stay of this action and may also request a hearing before NFA's Hearing Committee.

The following NFA staff was responsible for this case: Yvonne Downs, Regina Thoele, Jennifer Augustyn, Elizabeth Chamochumbi, Melissa Uganiza and Ron Hirst.

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.

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